Converted Exchange Blvd. property opens

The building, purchased by developer James Philippone, features 24 apartments, with commercial space available on the first floor and possibly on the second floor, officials said.

Eight apartments are available to households or individuals earning up to 120 percent of the area median income. All units can be used as office space, and are wired for high-speed Internet and cable television.

The apartments have washers and dryers, high-end kitchens and bathrooms, and state-of-the-art security, officials said. The building includes storage space, a conference room and a fitness center.

“The building was first purchased for office redevelopment,” Philippone said in a statement.

“However, as the demand for downtown housing increased, we felt that the building was physically well-suited for residential use and was conveniently located near the Four Corners, which has a lot of potential as a residential hub.”

The $6 million project was aided by a $1.3 million grant from the city of Rochester and $1 million in state funding.

The building is the former home of Central Trust Co., and the last remaining example of post-war modernism in the downtown area, officials said.

Many of its 1950s-era design features have been restored or duplicated, officials said.

“Today is a great day for downtown Rochester because an important building is about to be occupied for the first time in more than a dozen years,” Mayor Thomas Richards said in the statement.